The recent cut in the repo rate by the Reserve Bank of India has breathed a sigh of relief with borrowers across the nation, particularly the home and personal loan borrowers. This development has also had a negative spin for millions of fixed-deposit investors, as the banks may further reduce the interest rates in a staggered manner in the coming months. A short view of the current highest FD rates at select Indian banks:
Maximum interest rate of 6.80% on fixed deposits is being extended for HDFC Bank. The bank has also been extending an interest rate of 6.50% on five-year FDs. These prominent rates from the HDFC Bank place it at the top of the list of several favoured choices for long-term savers in the private sector.
Fixed deposits investors at Bank of Baroda can expect interest up to 6.60% per annum. The bank remains one of the topmost preferred banks in terms of FD investments owing to stable returns and a strong public-sector image.
Bank of Maharashtra offers a little bit above with a maximum FD interest rate of 6.65%. This rate applies to certain tenors and remains attractive to conservative investors.
Now, Canara Bank provides a maximum FD rate of 6.50%. Though on the lower-end comparison-wise to the other public-sector banks, it continues to rank high on the list for dependable long-term savings.
Both Indian Bank and the State Bank of India (SBI) declare a maximum FD rate of 6.60%. Both banks continue to enjoy a lot of investor confidence on the back of wide networking and a secure deposit environment.
Axis also matches the market by providing a top FD interest rate of 6.60%, qualifying it well within private bank competition.
As the lending environment begins to look up after the repo cut, FD investors must keep monitoring for any further rate changes to make educated decisions regarding their savings.
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